Sino-Global Announces Extension of Stock Repurchase Program
September 23 2009 - 4:00PM
PR Newswire (US)
BEIJING, Sept. 23 /PRNewswire-Asia/ -- Sino-Global Shipping
America, Ltd. (NASDAQ:SINO) ("Sino-Global" or the "Company"), a
leading, non-state-owned provider of shipping agency and forwarder
services operating primarily in China, announced that its board of
directors has extended its previous stock repurchase program
through April 8, 2010. The original stock repurchase program was
announced on October 9, 2008 and lasted for a period of 12 months
and authorized the Company to purchase up to ten percent of the
outstanding common stock of the Company on the open market or in
privately negotiated transactions. As of June 30, 2009, the Company
had repurchased 100,000 shares from the open market at an average
price of $2.86 per share including trading expenses. The extent to
which the Company repurchases its common shares and the timing of
such repurchases will depend upon the stock price, general economic
and market conditions and other corporate considerations. The
repurchase program may be suspended at any time. "We believe that
our future growth prospects are not currently reflected in the
price of our stock," said Mr. Cao Lei, Sino-Global's chief
executive officer. "Over the course of the year, we have been
gaining momentum and made notable progress in executing our
low-cost expansion strategy in China and abroad, which in the
fourth quarter of our fiscal year helped us to increase revenues by
40% year-over-year. The improvement in our business operating
environment paired with the extension of this stock repurchase
program, will allow us to continue to deliver long-term shareholder
value." About Sino-Global Shipping America, Ltd. Sino-Global
Shipping America, Ltd. (NASDAQ:SINO), is a leading, non-state-owned
provider of high-quality shipping agency and forwarder services,
primarily operating in mainland China. With local branches in nine
of China's 76 ports and contractual arrangements in all those where
it does not have branch offices, Sino-Global is able to offer
efficient, high-quality shipping agency services to shipping
companies entering Chinese ports. With a subsidiary in Perth,
Australia, where it has a contractual relationship with a local
shipping agency, Sino-Global provides complete shipping agent
services to companies involved in trades between Chinese and
Australian ports. Sino-Global also operates a subsidiary in Hong
Kong, China to provide comprehensive shipping agency services to
vessels going to and from one of the world's busiest ports.
Sino-Global provides ship owners, operators and charters with
comprehensive yet customized shipping agency services including
intelligence, planning, real-time analysis and on-the-ground
implementation and logistics support, as well as freight forwarding
services. Sino-Global has achieved both ISO9001 and UKAS
certifications. Forward Looking Statements No statement made in
this press release should be interpreted as an offer to purchase
any security. Such an offer can only be made in accordance with the
Securities Act of 1933, as amended, and applicable state securities
laws. Any statements contained in this release that relate to
future plans, events or performance are forward-looking statements
that involve risks and uncertainties as identified in Sino-Global's
filings with the Securities and Exchange Commission. Actual
results, events or performance may differ materially. Readers are
cautioned not to place undue reliance on these forward-looking
statements, which speak only as the date hereof. Specifically,
Sino-Global cannot guarantee that the new subsidiary discussed
herein will result in any new business or produce any revenues or
meet the prospects referenced herein. Sino-Global undertakes no
obligation to publicly release the results of any revisions to
these forward-looking statements that may be made to reflect the
events or circumstances after the date hereof or to reflect the
occurrence of unanticipated events. For investor and media
inquiries, please contact: Ms. Apple Liang Sino-Global, Beijing
Tel: +86-10-6439-1888 Email: Ms. Flora Tian Ogilvy Financial,
Beijing Tel: +86-10-8520-6524 Email: DATASOURCE: Sino-Global
Shipping America, Ltd. CONTACT: Ms. Apple Liang of Sino-Global,
Beijing, +86-10-6439-1888, or ; Ms. Flora Tian, Ogilvy Financial,
Beijing, +86-10-8520-6524, or
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